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Even so, with household spending, remaining on a solid footing and with supportive financial conditions, we expect the economy to continue to expand at a moderate rate.
The pace of job gains has eased this year, but we expected some slowing after last year's strong pace.
We still expect inflation to rise to 2%.
While these issues are important for market functioning and market participants, they have no implications for the economy or the stance of monetary policy.
As the committee contemplates the future path for a federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion.